After months of negotiations, ExxonMobil and SABIC announced today they have selected the San Patricio County site as their location to build its $10 Billion, 1,300-acre plastics manufacturing complex on the South Texas Gulf Coast.
The joint venture project between ExxonMobil and SABIC is a unique opportunity created by the abundance of low cost U.S. natural gas. ExxonMobil and SABIC bring unmatched expertise to this project, having worked together in petrochemical ventures for more than 35 years.
The economic forecast for this project indicates the multi-billion-dollar investment would create significant benefits for the South Texas region and beyond, generating thousands of jobs and stimulating positive economic growth. The plant would produce ethylene, one of the key ingredients for products ranging from antifreeze to plastics and it is scheduled to come online as early as 2020.
The project economic impact includes the following:
- 6,000 Jobs during peak construction phase
- $22 Billion in economic gains for the state during construction
- $50 Billion in economic gains for the state during first 6 years
- 3,500 indirect and induced jobs in the state
- 600 new permanent jobs at the site
- $90,000 average annual salary plus benefits
ExxonMobil and SABIC commitment to a safe and sustainable growth for the region is based on its industry leading safety and environmental records. Those properties will be reflected throughout the development, constructions and operational phases of the project.
“Port Corpus Christi looks forward to working with ExxonMobil and SABIC on the development of this state-of-the-art project. We are honored to know that our region’s team was able to work together to help ExxonMobil in selecting our region among others on the U.S. Gulf Coast,” said Charles W. Zahn, Chairman of the Port Corpus Christi Commission.
